Why Azenta Shares Plunge After Closing Time

Azenta, Inc. (NASDAQ AZTA) reported preliminary results for the third quarter. It expects revenue of ~$133 million, up 3% year-over-year, compared to the consensus of $143.52 million. The company sees GAAP diluted earnings per share from continuing operations in the range of ($0.13) to ($0.08) and non-GAAP diluted earnings per share of $0.08 to $0.12, versus a consensus from $0.11. Azenta stated that revenue for the Services segment is expected to be ~$85 million, up 6% year-over-year; for the product segment, it is expected to be ~$47 million, down 3% year over year. The company stated that demand for consumables and instruments (C&I) was lower than expected, with an estimated 18% year-over-year decline. Balance of sales in the Products segment grew ~23% Y/Y, supported by strong double-digit growth in every area of ​​large systems, cryogenic systems and product services. “Third quarter earnings reflect currency headwinds and weakness in the highly transactional Genomics Services and C&I businesses, while other parts of the portfolio remained on track, as evidenced by strength in ultra-cold automation and Sample Repository Solutions” , said Steve Schwartz. , chairman and CEO. Price Action: AZTA shares traded 12.35% lower at $65 during the post-market session on Wednesday.
This post Why Azenta Shares Plunge After Closing Time was original published at “https://www.benzinga.com/news/earnings/22/07/28057742/azenta-shares-plunge-after-q3-preliminary-results”

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